Foodics, the Saudi Arabian restaurant technology platform, has attracted fresh investment from Kuwait-based Kamco Invest as the company prepares for a public listing within the next three years. The transaction, completed in the fourth quarter of 2024, sees Kamco’s private equity division acquire an undisclosed stake in the cloud-based payments and management platform.
The investment reflects growing appetite amongst regional financial institutions for technology companies targeting initial public offerings on local exchanges. Kamco Invest’s move comes as Foodics continues expanding its footprint across the Middle East and North Africa region’s restaurant sector.
Platform Performance and Market Reach
Since its establishment in 2014 by founders Ahmad AlZaini and Mosab Al-Othmani, Foodics has built a comprehensive solution serving over 33,000 restaurants. The platform processed more than five billion orders throughout its operational history, whilst facilitating gross merchandise value exceeding $10 billion during 2024.
The company’s integrated approach combines point-of-sale functionality with broader restaurant management capabilities, spanning order processing, operational oversight, financial management, and capital access services. This comprehensive offering targets various food and beverage establishments, from traditional restaurants and mobile food vendors to virtual kitchen operations.
Strategic Investment Rationale
Kamco Invest’s participation aligns with its broader investment strategy focused on high-growth technology businesses preparing for public market debuts. The financial services firm particularly targets companies with strong positions in regional markets, especially those considering listings on domestic exchanges.
“We are proud to back a regional tech champion like Foodics. Its scale, innovation, and strong investor base signal an exciting growth trajectory” ~ Dalal J. Al Shaya, Director of Private Equity at Kamco Invest.
The investment complements Kamco’s objective of providing clients exposure to technology-enabled businesses whilst expanding its presence in Gulf region technology investments.
Previous Funding and Investor Base
This latest investment follows Foodics’ substantial $170 million Series C funding round completed in 2022. That round was led by technology investor Prosus and Sanabil Investments, a fund owned by Saudi Arabia’s Public Investment Fund.
The Series C round also attracted participation from several prominent venture capital firms, including Sequoia Capital India, STV, Raed Ventures, and Endeavor Catalyst, amongst other investors. This diverse investor base reflects the platform’s appeal across different investment categories and geographical regions.
Public Listing Timeline
Foodics has indicated plans to pursue a public listing on Saudi Arabia’s Tadawul exchange within a two to three-year timeframe. This timeline reflects the company’s confidence in its growth trajectory and market position within the Kingdom’s expanding technology sector.
The anticipated public offering would represent another significant milestone for Saudi Arabia’s technology sector, as the Kingdom continues developing its domestic capital markets and supporting local technology companies’ growth ambitions.
Dalal J. Al Shaya noted that this investment aligns with Kamco Invest’s commitment to enabling long-term value creation and expanding their tech investment footprint in the Gulf region.
The combination of strong operational metrics, established investor backing, and clear public market aspirations creates a compelling proposition for institutional investors seeking exposure to the region’s technology sector growth.